Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: MrSpasybo on May 30, 2020, 10:56:22 PM
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South Korea will start taxing its corporate income (Profit tax) from bitcoin and other cryptocurrencies by 2021.
I think this will be a milestone marking the acceptance of cryptocurrencies in this country, because cryptocurrencies have been officially recognized and the existence of companies in the crypto sphere is legal. Of course, there will be many companies/projects that are investigated & are forced to pay an income tax, but this also helps purify the crypto community in Korea, where there are still some fraudulent ponzy projects but is labeled as as smart & high profitable investment.
Hope this will soon be applied in many other countries, initially in Asia, where is starting to accept BTC more openly :)
What about in your country? Are you willing to pay taxes from your crypto-related income? In return, every purchase/sale/reserve of cryptocurrencies is legal :)
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SO far, in my country crypto is still not taxed but who knows in the near future. I think tax is no problem if it is reasonable and not complicated. I live in Indonesia that the tax will be considered from many aspects, so let's see what the government to decide.
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SO far, in my country crypto is still not taxed but who knows in the near future. I think tax is no problem if it is reasonable and not complicated.
Hope Indonesia will soon have clear regulations regarding BTC in particular and crypto in general. It is possible that Indonesia will become the first country in Southeast Asia to officially accept BTC & blockchain technology.
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This is a positive news for adoption in general, crypto is not yet being taxed for my country but I heard some news that Brazil is pro-blockchain but are against cryptocurrencies. We may need to wait a little longer for certain countries to accept both.
What we need are not just countries to start stepping up, even businesses should already use crypto, even start smaller, like accept crypto as payment, deploy a BTC ATM, etc. Big corporations in the food and gaming industry such as Nestle, Volve, and Geely are lining up since there's already a scalable regulatory-compliant blockchain (https://medium.com/concordium/introducing-concordium-f36e8fb34fe3?source=collection_home---4------8-----------------------) ecosystem designed for the Business world.
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South Korea will start taxing its corporate income (Profit tax) from bitcoin and other cryptocurrencies by 2021.
I think this will be a milestone marking the acceptance of cryptocurrencies in this country, because cryptocurrencies have been officially recognized and the existence of companies in the crypto sphere is legal. Of course, there will be many companies/projects that are investigated & are forced to pay an income tax, but this also helps purify the crypto community in Korea, where there are still some fraudulent ponzy projects but is labeled as as smart & high profitable investment.
Hope this will soon be applied in many other countries, initially in Asia, where is starting to accept BTC more openly :)
What about in your country? Are you willing to pay taxes from your crypto-related income? In return, every purchase/sale/reserve of cryptocurrencies is legal :)
Absolutely Taxing is our obligation to help our respective governments achieve all of its funding requirements for the development including those much-needed services for our fellow countrymen. So Taxing our crypto income is not a deal to me. But it should do in a proper and transparent way to avoid corruption.
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There is no income tax from Cryptocurrency in my country, here is free to do Cryptocurrency activities. Starting from trading, investment and others. However, we have not yet accepted Cryptocurrency as a legal payment tool, so before shopping we here must exchange with FIAT first.
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Does profit in crypto deserve to get tax? I am still not sure about the tax for profits in crypto really deserve. The regulation must be clear to consider the criteria to get tax. As crypto business doesn't get a guarantee or protection from the government, it doesn't deserve to get tax.
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In South Korea, the government has been rapidly regulating the cryptocurrency trading sector. They have classified cryptocurrencies as "commodities", which means that profits from "goods" will be taxed rather than benefited compared to the monetary transaction regime.
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South Korea has introduced a crypto tax bill, with a proposed rate of up to 20% on interest arising from cryptocurrency trading. The "exorbitant" tax bill above has caused a wave of confusion among crypto investors in this country.
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Concerning safety I can say yes but I am preferred not to let the government control the crypto. Scammers always exists and no one can stop them even the government will come as the knight and shining armor.
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There is a lot of country where crypto currency is not acceptable and government is not able to implement tax on this as crypto currency most of the decentralized.
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Cryptocurrencies are approved in South Korea. So by 2021 will collect tax from cryptocurrency. The existence of crypto currency companies is legal. However, if the government investigates, all agencies will be forced to pay taxes. Because taxes will play a role in the country's economy. Which will also help purify the crypto community in Korea. I also hope that the agency of btc will be approved in all countries of the world including Asia.
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I think this is sad news for them. There are no cryptocurrency laws in our country yet. But they constantly say that there will also be a tax on it.
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The Ministry of Finance and Strategy in South Korea recently resolved confusion regarding the taxing of profits made through cryptocurrency trading. According to the announcement of the Department, the current tax law does not support the taxation of profits earned from cryptocurrencies
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The Ministry of Finance and Strategy in South Korea recently resolved confusion regarding the taxing of profits made through cryptocurrency trading. According to the announcement of the Department, the current tax law does not support the taxation of profits earned from cryptocurrencies
As far as I know though saying Uniswap is a tool for the community to trade tokens without having to pay platform fees or middlemen. But we cannot be sure that it is not the cause of the rising transaction fees